To transfer the clean vehicle tax credit to a dealer, you need to provide the following information:
- Date of the transfer election: This should be provided at the time of sale.
- Taxpayer Identification Number: Your unique ID as required by the IRS.
- Valid Government-Issued ID: A photocopy of a valid, government-issued photo identification document.
- Attestation Regarding Modified AGI: You must attest that either:
- Your prior year’s modified AGI did not exceed the limitation, or
- To the best of your knowledge, your current year’s modified AGI will not exceed the limitation.
- Vehicle Use Attestation: For new clean vehicles, you must attest that the vehicle will be used predominantly for personal use.
- Qualified Buyer Attestation: For previously owned clean vehicles, you need to attest that you are a qualified buyer.
- Return Filing Attestation: You must attest that you will file an income tax return for the tax year the vehicle is placed in service, reporting your eligibility for the credit and the transfer election.
- Recapture and Transfer Limit Attestation: You must acknowledge that you are making this election before placing the vehicle in service and it is either your first or second transfer election for the tax year. Also, you must agree to repay any amount received if your AGI exceeds the applicable limits.
- Voluntary Election Attestation: You need to confirm that you have voluntarily elected to transfer the credit.
Ensure that these documents are provided to the dealer not later than the time of sale. Additionally, the transfer election statement may need to be attached to your tax return.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-information-do-i-need-to-provide-to-the-dealer-to-transfer-the-tax-credit/
